The price of oil is reduced in the correction

World oil prices declining on Thursday morning in the correction after rising data on production cuts in the United States and the report of the International energy Agency (IEA), according to the auction.

As of 08.40 MSK price of November futures for North sea petroleum mix of mark Brent has decreased on 0,24%, to 55.03 per barrel. The price rose above $ 55 for the first time since April 19 in the course of trading environment. The cost of the October futures for WTI crude oil fell by 0.14% to 49,23 dollars per barrel.

On Wednesday, oil has risen by 1-1. 5% thanks to data from the US Department of energy to reduce production in the country, as well as the positive report of the IEA. Thus, the Agency reported that in August, OPEC reduced oil production by 210 thousand barrels per day compared to the July — to 32.67 million barrels per day. The largest oil producer in OPEC — Saudi Arabia — reduced production of 540 thousand barrels per day to 10 million barrels a day.

In addition, the IEA raised its forecast for demand for oil. In 2017 to 100 thousand barrels, to 97.7 million barrels per day in 2018 is also 100 thousand barrels — up to $ 99.1 million barrels a day.

Supported the growth in oil prices on Wednesday and data from the US Department of energy for extraction of raw materials for the week ended 8 September. Thus, production decreased by 6.5%, or 572 thousand barrels per day, up to 9,353 million barrels per day. Fell and gasoline stocks by 8.4 million barrels, or 3.7% to 218,3 million barrels. Analysts expected decrease by 2.05 million barrels.